Hello fellas. How does bitcoin works ? I mean from technical side such as techno
ID: 3876354 • Letter: H
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Hello fellas. How does bitcoin works ? I mean from technical side such as technology itself, forking etc. I heard that it was written using C++ and it’s source code is open. What’s the advantage of that ? I’m a newer man in programming so I’m trying to do some research on that but can’t get much the high level terminology online. So I’m expecting some easy understandable answers. Thnx ! Hello fellas. How does bitcoin works ? I mean from technical side such as technology itself, forking etc. I heard that it was written using C++ and it’s source code is open. What’s the advantage of that ? I’m a newer man in programming so I’m trying to do some research on that but can’t get much the high level terminology online. So I’m expecting some easy understandable answers. Thnx !Explanation / Answer
Forking :
Forking happens because a set of miners, who create bitcoin, believe that there are more efficient options than the existing bitcoin. Forking implies a splitting of the chain on which bitcoin runs; making it go in a different direction—with different rules than the existing blockchain as the two would now have different visions of bitcoin. “For example, bitcoin cash changed the block size, which means that blocks can be greater than 8 MB while bitcoin continues with 1 MB blocks. When the miners disagree with the existing rules of bitcoin, the blockchain forks or splits into two different blockchains which have different rules,” said Sumanth Neppalli, cryptocurrency and blockchain analyst, Zebpay.
Types of forking.
1 Hard
2 Soft Fork
There are two kinds of forking. “Hard fork is a permanent divergence in blockchain. If a bitcoin hard fork happens, then it is possible that the older bitcoin blockchain will be scrapped in place of the upgraded one. This means that all nodes—of miners, merchants and users— will need to upgrade to the new nodes to be able to validate the new blocks. This is necessary as non-upgraded nodes will reject blocks created by upgraded nodes,” said Benson Samuel, chief technology officer and co-founder, Coinsecure. In case of soft fork, there are only protocol changes and bitcoin continues to work on the original blockchain rules. According to Samuel, to date the following coins have or will soon emerge after software client fork of bitcoin core: bitcoin XT, bitcoin classic, bitcoin unlimited, bitcoin cash, bitcoin gold, SegWit2x, litecoin, dash and zcash.
The difference is that bitcoin isn’t just a piece of software code. It’s a piece of software code that runs a worldwide network of otherwise independent machines.
Bitcoin is an open source peer to peer cryptographic currency, which is quite revolutionary since it is based on a peer to peer protocol. This means that it is not regulated by any government, private body or organisation. Each user forms part of a payment network, which is basically a set of protocols for exchanging currency worldwide without any borders etc.
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